Velocity co-founder to step down after exchange relaunch

Cindy Leow, co-founder of Solana-based decentralized derivatives exchange Velocity, formerly Drift (DRIFT), said Lee will step down following the exchange’s relaunch. In a post on X, Leow said Velocity has moved beyond its startup phase and now needs an executive team suited to driving full-scale growth. Leow added that Drift was attacked by North Korea in April after a six-month social engineering infiltration campaign, and later signed an agreement with Tether to compensate affected users while rebuilding smart contracts and conducting security audits. Velocity relaunched this week after completing the security audit and fully open-sourcing its code.